The criminal sanction and the administrative sanction as measures to combat market manipulation in selected EU countries.

• Authors: Błachnio-Parzych Anna
• Languages of publication: PL

Abstracts

EN

The purpose of this study is primarily to present regulations in the selected EU countries regarding the sanctions to combat market manipulation. From the perspective it is possible to evaluate decision on the nature of the sanction made by the Polish legislator. The EU countries which regulations have been selected to examine were: Austria, Bulgaria, the Czech Republic, France, Germany, Lithuania, the United Kingdom and Slovenia. The analysis of the regulation enables to distinguish a group of countries which legislators have opted for one regime of liability for market manipulation – it was the regime of the administrative responsibility. The second group consists of countries which legislators have opted simultaneously for two regimes of the responsibility: the administrative and the criminal liability. Even in this group of countries the administrative sanctions constitute the main measures to combat market manipulation. Therefore the decision of the Polish legislator to criminalize the majority of the kinds of behavior which constitute market manipulation has to be assessed as very punitive. In contrast to the presented the EU countries regulations, in Poland the criminal sanction is the main measure to combat market manipulation.

Keywords

EN

criminal sanction; administrative sanction; combat market manipulation; liability

• Publisher: Instytut Nauk Prawnych PAN / Institute of Legal Studies PAN
• Journal: Studia Prawnicze
• Year: 2013
• Issue: 1 (193)
• Pages: 165-188

Contributors

author

Błachnio-Parzych Anna

• Instytut Nauk Prawnych PAN, Nowy Świat 72, 00-330 Warszawa, Poland